Press release
Battery Pack for Marine Hybrid & Full Electric Propulsion Market Set to Reach USD 2.4 Billion by 2034
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Analyst Viewpoint
The rise in electrification within the marine sector is significantly boosting the market. Traditional fuel sources are being replaced by advanced marine battery systems, which are crucial for providing energy for propulsion, navigation, and onboard systems. The implementation of stringent emission regulations is another key driver, as the marine industry is increasingly focused on environmental sustainability and reducing emissions.
Key players in the market are developing energy storage solutions that offer improved energy density and lower costs, thus expanding their customer base and enhancing market growth.
Market Introduction
Battery packs are essential for powering electric and hybrid marine vessels, becoming more popular due to increasing pressures to reduce the greenhouse gas (GHG) footprint of maritime transport. These battery systems play a critical role in lowering emissions and enhancing the overall sustainability of marine transportation.
Environmental Benefits of Marine Electric Propulsion
Marine electric propulsion offers several environmental benefits:
No exhaust gas emissions into the water.
Reduction in fuel consumption and carbon emissions.
Suitability for a wide range of vessels, particularly high-powered ones.
Market Drivers
Rise in Electrification of Marine Sector
The marine sector's shift towards electrification is driven by concerns over carbon emissions and global warming. In 2022, international shipping contributed to approximately 2% of global energy-related CO2 emissions. The sector aims to reduce these emissions by 15% between 2022 and 2030, in line with the Paris Agreement.
This shift has increased the demand for vessels powered by alternative fuel propulsion, thereby boosting the battery pack market for marine hybrid and full electric propulsion. Battery packs are seen as a promising solution to meet decarbonization requirements, integrating renewable energy sources, shore connection systems, and Battery Energy Storage Systems (BESS) to improve sustainability.
Implementation of Stringent Emission Regulations
The marine industry is under increasing pressure to adhere to strict emission regulations to minimize its environmental impact. Key regulations include:
International Maritime Organization (IMO) Tier III
Emission Control Area (ECA)
Energy Efficiency Design Index (EEDI)
These regulations set limits on emissions for vessels operating in international waters. Additionally, regional regulations, such as the California Air Resources Board (CARB) updates in 2022, aim to reduce diesel soot and nitrogen oxide emissions from commercial harbor craft.
Regional Outlook
Leading Region: Asia Pacific
Asia Pacific held the largest market share in 2023 and is expected to maintain its leading position through the forecast period. The region's market dynamics are driven by the increasing deployment of hybrid vessels. For example, in January 2024, AtoB@C Shipping launched Ecomar, a plug-in hybrid vessel in India.
Europe
Europe is also witnessing a surge in investment in hybrid-electric vessel construction. In 2023, NAV Engineering & Technology announced plans to build a fleet of hybrid-electric crew transfer vessels (CTVs) for the European offshore windfarm market.
Key Players Analysis
Key players in the market are focusing on developing integrated power control solutions that combine traditional diesel gensets with electric battery power, reducing emissions and wear and tear on diesel generators. Prominent companies include:
Corvus Energy
Eco Marine Power
Rolls-Royce plc
NIDEC CORPORATION
RELiON Batteries
Notable Developments
May 2024: JMS Sunshine, the world's first LNG tug powered by a hybrid system with mtu gas engines, began operation in Singapore. The tugboat, manufactured by Rolls-Royce Plc, features a battery capacity of 904 kilowatt hours.
March 2024: Corvus Energy secured a contract to provide a battery energy storage system for the Magellan Discoverer, the first hybrid diesel-electric vessel constructed in South America.
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Market Segmentation
By Power Rating
Up to 1 MW
1.1 MW-2 MW
2.1 MW-3.5 MW
Above 3.5 MW
By RPM
0 RPM-1000 RPM
1001 RPM-2500 RPM
Above 2500 RPM
By Propulsion Type
Hybrid
Full Electric
By Vessel Type
Tugboats & OSVs
Ferries
Defense Vessels
Yachts
Cruise Ships
Others
Regions Covered
North America
Europe
Asia Pacific
Latin America
Middle East & Africa
Countries Covered
U.S.
Canada
Germany
U.K.
France
Italy
Russia & CIS
Japan
China
India
ASEAN
Brazil
Mexico
South Africa
GCC
Market Snapshot
Market Size in 2023: US$ 977.6 Mn
Market Forecast (Value) in 2034: US$ 2.4 Bn
Growth Rate (CAGR): 8.7%
Forecast Period: 2024-2034
Historical Data Available for: 2020-2022
Quantitative Units: US$ Mn/Bn for Value and Units for Volume
Market Analysis: Includes segment and regional level analysis, qualitative analysis, drivers, restraints, opportunities, key trends, Porter's Five Forces Analysis, value chain analysis, and key trend analysis.
Competition Landscape: Market share analysis by company (2023), company profiles, product portfolio, sales footprint, key subsidiaries or distributors, strategy and recent developments, and key financials.
Format: Electronic (PDF) + Excel
The global battery pack for marine hybrid and full electric propulsion market is set for significant growth, driven by environmental regulations and advancements in battery technology, promising a sustainable future for marine transportation.
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About Us Transparency Market Research
Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.
Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision-makers, made possible by experienced teams of Analysts, Researchers, and Consultants. The proprietary data sources and various tools & techniques we use always reflect the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in all of its business reports.
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